The U.S. Securities and Exchange Commission today issued orders revoking the registrations of the securities of 25 separate issuers that failed to comply with their obligation to file periodic reports with the commission.
The sweep was part of the ongoing efforts of the Delinquent Filings Program of the SEC’s Divisions of Enforcement and Corporation Finance, and represents the largest number of revocation orders issued by the commission in a single day.
“Today’s action is another indication of our commitment to proactive enforcement of the federal securities laws, including the requirements that public companies file timely periodic reports with the commission so that investors have access to up-to-date financial and other information about the issuers of securities,” said Linda Chatman Thomsen, Director of the Division of Enforcement.
Today the commission instituted separate settled proceedings revoking the registration of each class of securities of the issuers for failure to make required periodic filings. Without admitting or denying the findings of the orders, each of the issuers separately consented to the entry of an order finding that it had failed to comply and revoking the registration.
Under the Delinquent Filings Program, the Division of Corporation Finance issues delinquency notice letters to delinquent issuers requesting that such issuers promptly come into compliance with their reporting obligations. The letters warn that if an issuer fails to comply with those obligations, or otherwise fails to respond appropriately to the delinquency notice letter, then it risks suspension or revocation of the registration of its securities, and possibly a trading suspension of up to 10 business days.